24 Aug 2017 | 04.51 pm
€40m Fundraiser For Cubic Telecom
ISIF and Audi Electronics among tech firm’s backers
24 Aug 2017 | 04.51 pm
Dublin tech company Cubic Telecom has closed a €40m Series C investment round, which includes the Ireland Strategic Investment Fund (ISIF). It brings total funding in the tech venture to €75m.
The business was originally established as a Cork telco venture by Trustev co-founder Pat Phelan – he exited it in 2013. Cubic now provides mobility solutions for IoT, machine-to-machine (M2M) and connected device companies across the globe.
Cubic partners with more than 30 mobile operators in 180 countries to provide LTE voice and data services. Clients include Audi, Woolworths and Qualcomm.
The four investors in Cubic’s €40m fundraiser are Qualcomm, Audi Electronics, Valid Soluciones Tecnologicas and ISIF. The latter two are first-time investors in Cubic and the four investors have funded the company with €10 million each.
The company said that the new investment will facilitate refinements to its IoT platform and extend its global footprint. The company will also expand its engineering capabilities in Dublin, bringing its headcount in its Sandyford office to 160.
Cubic CEO Barry Napier (pictured) said that Qualcomm and Audi were early investors and steadfast supports of his firm’s vision. “Without exception, our customers are committed to providing an intelligent connectivity experience to their end-users, and today’s announcement will help Cubic continue to deliver on that promise,” he added.
Fergal McAleavey, head of private equity with state-owned ISIF, said that Cubic has the potential to become a frontrunner in providing IoT/M2M solutions for the world’s leading OEMs.
“This is an exciting investment that aligns well with ISIF’s strategy of providing long-term patient capital to growing Irish companies, which will generate a commercial return and support economic activity and jobs in Ireland. We are particularly pleased that, with this funding round, Cubic plans to expand its HQ in Dublin and create more jobs there,” he continued.
In 2015, Cubic secured an €18m co-investment from Audi Electronics and Qualcomm. Other investors in the firm include Enterprise Ireland and BPI Telecom Ltd.
Cubic Telecom’s most recent account filings date back to 2014, when it booked a loss of €4.4m, bringing accumulated losses to €15m.